Mortgage Application Volume Falls
Washington, DC, June 25, 2008-Mortgage application volume dropped 9.3 percent last week from the previous week, according to the Mortgage Bankers Association.
The association's index was also down 25.3 percent compared with the same week one year earlier.
Applications for both refinancing and purchasing dropped. The Refinance Index decreased 12.1 percent and the Purchase Index decreased 7.4 percent.
The refinance share of mortgage activity decreased to 36.3 percent of total applications from 37.4 percent the previous week.
The average interest rate for 30-year fixed-rate mortgages decreased to 6.39 percent from 6.57 percent, while the average rate for 15-year fixed-rate mortgages decreased to 5.95 percent from 6.14 percent.
The average rate for one-year ARMs decreased to 7.09 percent from 7.22 percent.